LDS Church Completes Purchase of 380,000 Acres in Northwest Florida

Press Release

March 11, 2014

The St. Joe Company closed on the sale of approximately 380,000 acres of timberland and rural land in Northwest Florida to subsidiaries of AgReserves, Inc., a Utah corporation which is owned by the Church of Jesus Christ of Latter-day Saints.

The land sold for approximately $562 million, which included $200 million in the form of a timber note.

The land, which had an aggregate carrying value of approximately $52 million as of December 31, 2013, includes the majority of St. Joe’s timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties.

AgReserves, Inc. has assumed agreements and contracts existing on the purchased timberlands and intends to maintain timber and agricultural uses of the lands.

“Now that the deal’s done, we are looking forward to getting on the property, getting to work, and becoming part of the local communities in the Panhandle,” said Paul Genho, Chairman of AgReserves.